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Biggest Cardano (ADA) DEX Will Launch Own Token in Mid-July, Here's Its Utility & Tokenomics

Tue, 07/12/2022 - 13:27
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Gamza Khanzadaev
Cardano's WingRiders DEX confirms its token WRT launch
Biggest Cardano (ADA) DEX Will Launch Own Token in Mid-July, Here's Its Utility & Tokenomics
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The largest decentralized exchange on the Cardano network, WingRiders, announced the launch of its governance token, WRT, on July 14. A key advantage for future WRT holders, according to the lending site of the token, is its voting power, which enables the ability to initiate and vote on key decisions in the operation and development of WingRiders.

For example, DAO members will be able to influence platform protocol parameters and determine commission sizes and which features or farms to add. By holding WRT, users will also receive increased returns, an increased chance at an airdrop of new tokens, access to important information and membership in the WingRiders clan.

WRT tokenomics and utility

Everything is clear with the governance characteristics of WRT; there is not much surprise here. Let's turn to the nature of the token itself. What is it?

The supply of WRT is limited to 100 million tokens, so it is deflationary. That said, it will be possible to farm the token, albeit to a limited extent of 40 million. WRT can be used to buy NFTs and cryptocurrencies at a discount to regular trading pairs. WRT can also be used as collateral currency for agents coming to WingRiders.

Eight million WRTs will be available for public sale, while 12 million WRTs have been distributed privately. It is also important to note that tokens from public offerings through whitelist, DAO Maker, Occam and Vent will be locked up for two months, while WRT sold in private rounds will be locked up for three months.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.